Income Taxes

The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company:



	Three months ended March 31,
	2018			2017
	(In thousands)
Income from continuing operations:
Income before income taxes	$	28,064		$	21,549
Income tax expense	6,026			6,553
Net income from continuing operations	$	22,038		$	14,996
Effective tax rate, continuing operations	21.5		%	30.4		%

Income from discontinued operations:
Income before income taxes	$	2,388		$	2,788
Income tax expense	690			1,156
Net income from discontinued operations	$	1,698		$	1,632
Effective tax rate, discontinued operations	28.9		%	41.5		%

Less: Income attributable to noncontrolling interests:
Income before income taxes	$	1,050		$	966
Income tax expense	—			—
Net income attributable to noncontrolling interests	$	1,050		$	966
Effective tax rate, noncontrolling interests	—		%	—		%

Income attributable to the Company
Income before income taxes	$	29,402		$	23,371
Income tax expense	6,716			7,709
Net income attributable to the Company	$	22,686		$	15,662
Effective tax rate attributable to the Company	22.8		%	33.0		%

The effective tax rate for continuing operations for the three months ended March 31, 2018 of 21.5%, with related tax expense of $6.0 million, was calculated based on a projected 2018 annual effective tax rate. The effective tax rate was more than the statutory rate of 21% due primarily to state and local income taxes and the accounting for investments in affordable housing projects. These items were partially offset by earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests.

The effective tax rate for continuing operations for the three months ended March 31, 2017 of 30.4%, with related tax expense of $6.6 million, was calculated based on a projected 2017 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes.

The effective tax rate for continuing operations for the three months ended March 31, 2018 is lower than the effective tax rate for the same period in 2017 due primarily to the reduction in the federal corporate tax rate from 35% to 21% as a result of the Tax Cuts and Jobs Act (the “Tax Act”) that was enacted on December 22, 2017.